Freyr Battery upgraded to Buy from Neutral at BTIG

BTIG upgraded Freyr Battery (FREY) to Buy from Neutral with a $4 price target The firm says the acquisition of a 5GW solar module facility in Texas from Trina Solar is a “major pivot” for Freyr, signaling an exit from its initial business plan to produce battery cells for energy storage. While solar module manufacturing is a highly competitive business with thin margins, on its previous path of battery cell manufacturing BTIG had expected Freyr to burn through its roughly $180M of cash over the next few years as it chased commercially viable batteries, the analyst tells investors in a research note. Post the module factory acquisition, Freyr should start generating EBITDA upon closing of the deal, says BTIG.